Exam 9: Obtaining Affordable Housing

Each of the following mortgage loans is for $155,000.The closing costs on each loan will be $4,200,and all points will be paid by the buyer.Which loan requires the most money to be paid up front at closing?

(Multiple Choice)

4.9/5

(91)

Question 21

Lenders use either a front-end or back-end ratio when setting limits on how much a home buyer can borrow.

(True/False)

4.8/5

(66)

Question 22

Real estate agents are usually paid by the buyer.

(True/False)

4.8/5

(72)

Question 23

A renter may have to pay ____ when moving into an apartment.

(Multiple Choice)

4.8/5

(76)

Question 24

____ has (have) historically been favored by Americans as the most preferable housing alternative.

(Multiple Choice)

4.9/5

(79)

Question 25

Sellers of homes generally set a sales asking price ____ percent higher than what they expect to get for it.

(Multiple Choice)

4.9/5

(67)

Question 26

____ rarely appreciate(s) in value.

(Multiple Choice)

5.0/5

(70)

Question 27

The actual transfer of ownership of real estate occurs at the closing.

(True/False)

4.7/5

(83)

Question 28

The longer the term of repayment on a mortgage loan,the more interest that is charged over the repayment period.

(True/False)

4.9/5

(97)

Question 29

A mortgage loan with a fixed rate of interest and a fixed payment for principal and interest that is available from a financial institution is called

(Multiple Choice)

4.9/5

(75)

Question 30

If you pay interest to borrow money from a family member to make the down payment on a home,you can only deduct that interest from your taxes if the down payment loan is secured by a lien on the property.

(True/False)

4.8/5

(77)

Question 31

Preforeclosure is the time between when the homeowner has been notified by the lender that he or she is in default and the actual foreclosure has been completed.

(True/False)

4.8/5

(93)

Question 32

The mortgage suited for someone who has his or her home completely paid for but needs cash to live on is the ____ mortgage.

(Multiple Choice)

5.0/5

(80)

Question 33

____ is when the home is financially and legally transferred to the new owner.

(Multiple Choice)

4.8/5

(64)

Question 34

Martha and Gordon purchased a home for $175,000 six years ago with a 5.5 percent,30-year $140,000 mortgage.Their home now has a market value of $210,000 and they owe $134,000 on the mortgage.What is the equity in their home?

(Multiple Choice)

4.8/5

(71)

Question 35

Legally,sellers must disclose known defects in their homes via a defect disclosure form.

(True/False)

4.8/5

(77)

Question 36

The amount borrowed under a mortgage loan divided by the initial purchase price is its

(Multiple Choice)

4.7/5

(77)

Question 37

____ is (are) generally part of the monthly house payment.

(Multiple Choice)

4.9/5

(78)

Question 38

A loan origination fee,recording fee,and an appraisal fee are examples of miscellaneous expenses involved in buying a home.

(True/False)

5.0/5

(67)

Question 39

Title insurance to protect the ____ is usually required.

(Multiple Choice)

5.0/5

(77)

Question 40

Showing 21 - 40 of 217

Each of the following mortgage loans is for $155,000.The closing costs on each loan will be $4,200,and all points will be paid by the buyer.Which loan requires the most money to be paid up front at closing?

Lenders use either a front-end or back-end ratio when setting limits on how much a home buyer can borrow.

Real estate agents are usually paid by the buyer.

A renter may have to pay ____ when moving into an apartment.

____ has (have) historically been favored by Americans as the most preferable housing alternative.

Sellers of homes generally set a sales asking price ____ percent higher than what they expect to get for it.

____ rarely appreciate(s) in value.

The actual transfer of ownership of real estate occurs at the closing.

The longer the term of repayment on a mortgage loan,the more interest that is charged over the repayment period.

A mortgage loan with a fixed rate of interest and a fixed payment for principal and interest that is available from a financial institution is called

If you pay interest to borrow money from a family member to make the down payment on a home,you can only deduct that interest from your taxes if the down payment loan is secured by a lien on the property.

Preforeclosure is the time between when the homeowner has been notified by the lender that he or she is in default and the actual foreclosure has been completed.

The mortgage suited for someone who has his or her home completely paid for but needs cash to live on is the ____ mortgage.

____ is when the home is financially and legally transferred to the new owner.

Martha and Gordon purchased a home for $175,000 six years ago with a 5.5 percent,30-year $140,000 mortgage.Their home now has a market value of $210,000 and they owe $134,000 on the mortgage.What is the equity in their home?

Legally,sellers must disclose known defects in their homes via a defect disclosure form.

The amount borrowed under a mortgage loan divided by the initial purchase price is its

____ is (are) generally part of the monthly house payment.

A loan origination fee,recording fee,and an appraisal fee are examples of miscellaneous expenses involved in buying a home.

Title insurance to protect the ____ is usually required.

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